Enhancing the customer experience in consumer lending

January 2011
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Enhancing the customer experience in consumer lending

At a glance

By enhancing the customer experience, lenders can open the door for increased customer loyalty and retention, more opportunities for cross-selling, and new customers - all of which can contribute to greater profitability and a better brand in the marketplace.

Customers have more choices than ever, including their consumer finance needs. Due to significant changes in technology, customer demographics, and customer preferences, a deep understanding of what customers think about an organization and the service it provides is critical.

Lenders should consider these five questions to learn how to enhance their customers' experiences.
  • Do I know who my customers are?
  • Am I listening to my customers?
  • Am I measuring satisfaction?
  • Have I developed a service delivery strategy?
  • Am I constantly rethinking my processes?
By enhancing the customer experience, lenders can open the door for increased customer loyalty and retention, more opportunities for cross-selling, and new customers - all of which can contribute to greater profitability and a better brand in the marketplace.